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Larry & Dixie Masino Convicted in Bingo Related Fraud Scheme-Fort Walton Beach, FL

Larry & Dixie Masino Convicted in Bingo Related Fraud Scheme-Fort Walton Beach, FL

Larry & Dixie Masino Convicted in Bingo Related Fraud Scheme-Fort Walton Beach, FL 150 150 Rex Securities Law

UPDATE FEBRUARY 2018-The Pensacola News Journal reports that Larry Masino and Dixie Masino were convicted of wire fraud conspiracy, operating an illegal gambling business and money laundering conspiracy. According to the release, the couple illegally kept $8 million in proceeds from bingo games they ran on behalf of various Okaloosa County charities.

They face decades in prison. Sentencing is scheduled for May 25, 2018 at the Arrow Federal Building in Pensacola, FL.

ORIGINAL POST-February 22, 2016- Pensacola, Florida

A federal grand jury returned an indictment charging Larry L. Masino, 65, of Gulf Breeze and Dixie L. Masino, 63, of Pensacola,  with wire fraud conspiracy, operating an illegal gambling business, money laundering conspiracy and money laundering, according to Christopher P. Canova, US Attorney for the Northern District of Florida.

The indictment alleges that, between 2006 and 2015, Larry and Dixie Masino conspired to defraud local charities out of millions of dollars by operating Racetrack Bingo Inc. in Fort Walton Beach on behalf of a number of charitable organizations in Okaloosa County.

According to the indictment, Racetrack Bingo Inc. was an illegal gambling business in violation of Florida law because the Masinos compensated themselves and their employees, instead of using bona fide charity members, to run bingo games.  The indictment further alleges that the Masinos charged the charities grossly inflated lease fees.  By law, those proceeds should have gone to the charities.  The indictment also alleges that Larry and Dixie Masino conspired to launder more than $5.8 million in proceeds of their illegal bingo operation through the deposit of profit distribution checks from Racetrack Bingo Inc.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Masino Indictment

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